Suspended issuer Plus SMS has been fined $50,000 for breaching NZAX listing rules and faces further investigation for allegedly passing information to some shareholders without informing the entire market.

The NZ Markets Disciplinary Tribunal found Plus SMS, a would-be text messaging company, acted in breach of two rules when it failed to file its preliminary results by June 14, 2009.

The company is still in breach and remains suspended from the stock market.

What a joke. The Securities Commission has investigated disclosures by NZX-listed Plus SMS and says it can’t do anything because at the time it didn’t have the powers.

Plus SMS has has cost investors millions of dollars since a backdoor listing using the shell of RetailX, in  late 2005. 

Here’s the full Securities Commission release:

Your correspondent’s elephant-like memory recalls that only two weeks ago Rakon shares surged 10 percent on very low volumes. At the time it was shrugged off as an anomaly - and the price quickly corrected, but given today's announcement the reasons behind the jump might well be more interesting...